This likely doesn't come as a shock to you - but there are more people involved in your average real estate transaction than just a buyer, a seller, and their respective Realtors.  The question for today is - who is involved in your typical real estate transaction?

First, let's take a look at the listing side of the transaction

  • I’ve already given this one away - but, first, you have the Seller and their Realtor.  If you have a good, quality, experienced Realtor, they’re going to have a network of specialists who will help you prepare your home for the market.
  • Often this will include the services of a General Contractor (and any subs he may bring on), a stager, a photographer, a videographer, a 3D-ographer, a sign installation company, and a title company - who will serve as the neutral 3rd party to the transaction. 

Sellers - while it’s possible that you may end up needing to use the services of all of these professionals - I’m here to help you decide which, if any, of these services will make sense for your goals and your bottom line.  The end goal is the most money in your pocket, right?  That’s why I’m here to help.

Now, to the buying side…

30 percent of homes purchased in Portland in 2016 were purchased with all cash.  This means that the majority of homes, around 70% of them, were purchased with some form of financing.

  • So, in addition to the buyer and their Realtor, there’s likely going to be a mortgage broker or lender involved.  
  • Once the buyer and seller have agreed upon the conditions of purchase and the home is under contract, the buyer will enter their inspection period.
  • Typical inspections include the services of a home inspector (who will typically perform general inspections, pest and dry rot inspections, and, occasionally, the radon inspection) and a sewer scope company. Depending on the home and your individual needs and concerns there may be more inspectors at play like septic inspectors, well testers, tank sweepers and more but let’s keep this list to the basics. 
  • Once the inspection is completed and the buyer has an idea of what might need to be done to the home - the wise thing to do is to get professionals who focus on those specialties such as electrical, roofing, windows, mold remediation, flooring installers, etc. out to do a bid so that you know what you’re working with - getting preferably 2 or 3 bids for each. 
  • Based on my experience, the average in a typical transaction ends up totaling about 3-4 contractors
  • Now, most banks will only loan out on a home if they think it’s worth loaning money on.  Because of this, the banks use a 3rd party home appraiser to come in, once the inspection period has passed, to assess the value of the home and give the bank the green light on the loan amount and condition of the home.  Their main focus will be on the safety and structural soundness of the dwelling, as well as, to assess the home's value. 
  • Lastly, while the mortgage broker is on the offensive side of the ball, so-to-speak, getting the buyer into a bank's loan package that’s right for them, the bank also has someone playing defense called the underwriter.  They’re the person with the final say on whether or not the buyer will be able to actually close on the loan with that financial institution.

Whew… that seems like a lot of players, right?  So far, in just a typical transaction, we’re looking at around 20 people that are involved.  In some of the more complicated transactions it’s realistic to see as many as 25-30 people involved - in one way or another.

While this can seem a little overwhelming on your own, I am here to help you make sure that all of the deadlines are met, all of the legal contracts and documentation are properly executed and filed, and that everyone is doing what they’re supposed to be doing when they’re supposed to be doing it.

I’m your consultant, your guide, your advocate, and at times even your lightening rod.  In other words - I’m here for you and here to help!